The Bundesliga has become Europe's most profitable league with profits of €172m, comfortably overtaking the English Premier League profits of €93m, according to the Deloitte Annual Review of Football Finance.
In Italy and France, Serie A and Ligue 1 have remained loss making.
In Spain, Barcelona and Real Madrid generated substantial operating profits but the remaining clubs recorded a significant aggregate operating loss.
According to the report, the European football market grew to €15.7 billion in 2008/09. In their local currencies, the 'big five' leagues (England, France, Italy, Germany and Spain) each managed to increase their revenues in 2008/09 to a collective total of €7.9 billion (up from €7.7 billion in 2007/08).
The Bundesliga, Serie A and Ligue 1 achieved growth across all three major revenue streams - broadcasting, matchday and commercial revenue.
The Premier League remained the highest revenue generating league in world football with its clubs generating €2.3 billion.
However, sterling's 7% depreciation against the euro contributed to a narrowing of the gap to €0.7 billion to its nearest rival, the Bundesliga.
The Bundesliga recorded an impressive 10% of revenue growth to €1,575m and moved ahead of La Liga, whose growth to €1,501m was driven by treble winning Barcelona and Real Madrid, whilst total revenues declined at the other 18 clubs.
Serie A's revenues increased by €73m (5%) to €1,494m, ahead of Ligue 1 whose revenues (€1,048m) exceeded €1 billion for the first time.
The 'big five' leagues' wages increased by €305m (6%) to exceed €5 billion for the first time.
In England and Italy wage growth was greater than revenue growth putting further pressure on operating profits.
The new UEFA Club Licensing and Financial Fair Play Regulations, which were approved in May 2010 and apply for entry into UEFA competitions, will require many European clubs to take action to better balance their revenue and expenditure.
A key part of the regulations is the 'break-even' requirement which, in basic terms, means clubs will be required to spend no more than they earn after taking into account certain exempt expenditure.
